8. Risks and opportunities
As is with all economic forecasts, there is an inherent risk to what will actually happen in the future. Economic cycles are hard to predict 1 year in advance let alone 10 years down the road and changes in economic cycles due to a number of factors (e.g. interest rate changes, oil price shocks, changes in fiscal policy, etc.) will change the consumption, investment, government spending and trade patterns in an economy which will, in turn, impact labour requirements. Other factors such as technological change, differences in institutional/regulatory bodies and market imperfections also play a key role and should not be discounted. Changes to underlying legislative and policy frameworks may also have a significant impact – for instance changes to policies regarding foreign credential recognition and adjustments to the Canadian educational system would certainly impact the supply side in the Canadian labour market.
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